Bank Al Bilad joined last week’s debt activity spree, following issuances by Riyad Bank and Al Rajhi Bank. Bank Albilad issued USD-denominated Additional Tier 1 Capital sukuk under its USD 2 bn program.

Saudi Telecom Company (stc) priced a USD 2 bn Reg-S dual-tranche sukuk offering after the offering drew in more than USD 5.4 bn in orders, according to Refinitiv. The 10-year USD 1.25 bn tranche — which drew in the lion’s share of demand — was priced at 90 bps over US Treasuries, tightened from an initial 125 bps over US Treasuries. A separate five-year USD 750 mn tranche carries a coupon rate of 4.479%.

Riyad + Al Rajhi close issuances: Riyad Bank raised USD 1 bn through a Reg-S, 10-year Tier 2 sustainable note issuance, comprising 5k sukuk with a 5.8% annual yield rate. Al Rajhi Bank also secured USD 1 bn from its perpetual AT1 social sukuk offering of 5k sukuk at a 6.2% return coupon. Both offerings are callable after five years and will be listed on the London Stock Exchange’s International Securities Market.

Advisors

Bank Albilad tapped Abu ‎Dhabi Commercial Bank, ‎Albilad Capital, Dubai Islamic ‎Bank, Emirates NBD ‎Capital, HSBC Bank, Mashreq Bank, Standard ‎Chartered Bank, and Warba ‎Bank as joint lead ‎managers.

stc appointed a team of joint lead managers, including BNP Paribas, Citibank, Dubai Islamic Bank, Emirates NBD Capital, HSBC, the Islamic Corporation for the Development of the Private Sector, Kuwait Finance House Capital, Mashreq Bank, National Bank of Greece, SNB Capital, and Standard Chartered Bank.

Riyad Bank’s team of joint lead managers included First Abu Dhabi Bank, Banco Bilbao Vizcaya Argentaria, DBS Bank, Emirates NBD Capital, HSBC, Merrill Lynch Saudi Arabia, Mizuho International, Riyad Capital, SMBC Bank International, and Standard Chartered Bank.

Al Rajhi mandated a group of joint lead managers comprising Al Rajhi Capital, Goldman Sachs International, HSBC, Morgan Stanley, Standard Chartered Bank, Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, Mashreq, Nomura, and Warba, with Affin Bank appointed as co-manager.

(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)

Tags: